South Australia at a glance
- When are you generally bound?
- Once you and the seller have signed the contract of sale, subject to your cooling-off rights and any conditions written into the contract.
- Cooling-off period
- Two clear business days. It begins when you receive the Form 1 vendor’s statement or when the contract is signed—whichever happens last.
- Cost to cool off
- You may forfeit up to $100. Any deposit paid above $100 must generally be refunded if you validly cool off.
- When does cooling off not apply?
- It does not apply when buying at auction or after the auction on the same day. It can also be waived before an auction, but only after receiving independent legal advice and the required certificate from a legal practitioner.
- Key documents
- The contract of sale sets out the price, deposit, settlement date and agreed conditions. The Form 1 vendor’s statement provides important information about the property and explains your cooling-off rights. Have both reviewed by your solicitor or conveyancer before signing.
- Can your offer include conditions?
- Yes—but they must be negotiated and clearly written into the contract. Common conditions include finance approval, the sale of your existing property and a satisfactory building and pest inspection.
- Buying at auction
- There is no cooling-off period and the purchase cannot be made subject to finance. Review the Form 1, contract and buyer’s information notice, complete your inspections and confirm your finance position before bidding.
Here is the general playbook for putting in an offer and dealing with agents in South Australia. Have a read, and reach out any time you want to talk through a specific property.
In SA, you typically get your contract reviewed, your finance organised (that is our job, so tick that one off), and your due diligence done, then submit a clear written offer to the selling agent and negotiate from there. The one thing that makes SA different from most other states is the Form 1. That single document is what starts your cooling-off clock, so understanding it properly is the most useful five minutes you will spend before you offer.
Get ready before you offer
You know the drill by now: know the market, know your number. Ask us for a Cotality Property Profile Report and we will send one over so you can see what similar properties nearby have actually sold for, rather than guessing off a price guide. If you already have your pre-approval sorted, you are one step ahead. You know your ceiling, so you can move the moment the right property shows up.
Line up a building and pest inspection early if you can, particularly if there is any competition for the property, and get your contract to your conveyancer for review before you sign anything.
The Form 1 vendor’s disclosure statement
Your two-clear-business-day cooling-off period generally begins on whichever is later: the date the Form 1 is served on you or the date the contract is made. Ask your conveyancer to confirm that the Form 1 is complete and identify the exact deadline before you rely on the cooling-off right.
How to structure your offer
State your price clearly in writing through the agent. As with anywhere, a well-rounded but slightly strategic number can anchor the conversation better than an obviously rounded one.
Set out your key terms alongside the price:
Deposit amount
Commonly 10 percent.
Your preferred settlement period
Any inclusions or exclusions you want confirmed
The conditions you need
Typical conditions to include are finance approval (14 to 21 days is standard), a satisfactory building and pest inspection (7 to 14 days), and a satisfactory strata report if you are buying into a scheme.
Cooling off in SA: know your worst case
Once both parties sign and the Form 1 has been served, your cooling-off period starts running. This is where SA genuinely works in the buyer’s favour.
South Australia’s cooling-off window is generally two clear business days from whichever occurs later: service of the Form 1 or formation of the contract. If you cool off validly within that window, the seller may generally retain up to $100 and the balance of any deposit must be returned. Have your conveyancer confirm the deadline and serve any notice correctly.
There is no cooling-off at auction in SA, as with every state. If you are bidding, have your finance and inspections locked in beforehand.
Deposit and settlement
The substantive deposit is paid after the cooling-off period has expired. Before that prescribed time, only a holding deposit of up to $100 may generally be required. If the purchaser cools off, that amount can be retained.
Choose the path that matches how confident you are before you offer. If your due diligence is not finished, cooling off gives you room to move for a small amount at risk. If you want to lock the property away and signal strength to the vendor, a 66W or an auction bid does that, but only once your finance, your solicitor and your inspections are all sorted.
Dealing with the agent in SA
Keep this in mind through every conversation: the agent works for the vendor, not for you. That is not a bad thing, it is just the reality, and it means every conversation is professional, not personal.
Follow up any verbal conversation with a short confirming email, so there is a clear paper trail of what was offered, what was said and when. If the agent tells you something significant on the phone (“the vendor wants a quick settlement” or “there is another offer on the table”), reply with a one-line email confirming your understanding. It protects you if things get disputed later.
Because the Form 1 has to be served before the cooling-off clock starts, it is fair to ask the agent directly: “When will the Form 1 be available so our conveyancer has enough time to review it?”
For the full playbook on reading the agent, structuring your offer and setting your walk-away price, see How much should I offer for a property? And for exactly what to ask them - and what the answers really tell you - see Questions to ask the selling agent.
Frequently asked questions
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The Form 1 must be served within the statutory timeframe and starts the cooling-off clock if it is served after signing.
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Yes. Finance and building inspection conditions are standard and worth including. Make sure they are written clearly into the contract before you sign, not just discussed verbally with the agent.
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If you validly cool off, the vendor may generally retain up to $100.
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No statutory cooling-off period applies to a purchase at auction or a same-day post-auction sale. Have your finance, contract review and inspections completed before bidding.
Chat with our team to get your pre-approval in place and be ready to act the moment the right property comes along. Just a clear plan before you offer.
Ready to make an offer?
Reach out to your Black & White Finance broker or broker support manager for a tailored offer template.
Have your solicitor or conveyancer approve the terms before you sign a contract or transfer a deposit.
This page provides general information only and does not constitute credit, financial, legal or tax advice. Speak with a licensed solicitor or conveyancer for advice specific to your situation. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. Credit Representative Number 494872 is authorised under Australian Credit License Number 389328.